Much has been written about the looming end to the Apple-Goldman Sachs relationship (we even produced a cartoon about it). And while this is a big deal for Goldman and Apple, the average Apple Card holder likely does not give it a second thought.
That is why I loved Dave Birch’s take today on the pending breakup. The 6.7 million Apple Card holders don’t care and mostly don’t know which bank is issuing their card. Many (most?) of them probably just use the Apple Card with their Apple Pay wallet anyway.
But what really caught my attention is that Birch put forward the tantalizing idea that maybe Apple has bigger plans when it comes to payments. Maybe Apple is working towards a future where they can bypass the traditional payments rails completely and make the Apple Card an account-to-account payment vehicle.
If there is one company that could pull that off successfully it would be Apple.
One thing I am quite certain about: Apple will continue to push the envelope when it comes to financial innovation.
USA: Synovus expects fee-income boost with GreenSky partnership The Georgia-based bank says it’s expanding its relationship with GreenSky, a home improvement lender that Goldman Sachs bought in 2022 but put up for sale a year later. The deal will bring a one-time revenue boost and a recurring fee income stream.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.